The global Serverless Security Market accounted for USD 985 Million in 2020, expanding at a healthy rate of 29.6% over the forecast period. GMI Research offers insight into the serverless security market and significant growth trajectories such as drivers and restraints. The globalization of cloud services and the surging adoption of various advanced technologies are the dominant forces fuelling the serverless security market size.
Introduction of the Serverless Security Market
Serverless security is an operational model used in cloud computing across several organizations. Under this model, the applications of organizations rely on managed services, which eradicate the need to manage infrastructure. In other words, serverless security is an architecture where the user can establish and operate applications and services without the need to handle the infrastructure. Companies can emphasize on the product rather than underlining about managing and operating servers on run-time.
Key Players of the Market:
• Palo Alto Networks
Serverless Security Market Dynamics
Serverless security needs a paradigm switch in how organizations reckon application security and as a substitute to building safety around the application using next-generation firewalls. The market for serverless security is aided by the ease of deployment, execution, and management and the expansion of the microservices architecture. Further, as per the serverless security market report, the rising rate of misconfiguration in safety software and data analysis has driven the market growth. For example, more than 540 million data records were discovered in the cloud of Facebook users, which resulted in a glitch in the data of public cloud storage.
As businesses are mainly striving to improve user experiences, they are using serverless computing for better scalability and dependability, which has bolstered the market growth. Further, the better security and less maintenance offered by serverless computing have surged its usage, thereby raising the market growth. With the low resource utilization of such developments, the adoption of serverless computing to eradicate operational and maintenance costs while allowing a pay-as-you-go method has elevated. Serverless security assists in the evolution of applications in various ways, such as reducing operational overhead, decreasing cost, and increasing agility. The augmenting adoption of cloud-based applications, the evolution of the Internet of Things, and serverless architecture are significant opportunities for a vendor in the serverless security market.
The organizations intend to offer better features through their products and services. The expansion of microservices and serverless computing has changed the fundamentals of DevOps by obscuring the line between development and operation. For instance, a company like Microsoft delivers utility to the business by decreasing time and resources.
However, several organizations lack central identity-related security control. Organizations transfer a proportion of their IT infrastructure to the public, which results in cyber breaches. In addition, the insufficient knowledge about shared security responsibility encounters an implementation of security architecture to tolerate cyberattacks.
By Service Model, the FaaS segment is anticipated to expand at a faster rate during the forecast period. FaaS is a cloud-computing service that enables the developer to run a code in retaliation to an event. In addition, FaaS streamlines the deployment of applications on the cloud. Moreover, the two technologies that approached the front line are serverless security and FaaS, majorly due to the prominence of cloud computing with the aim to offer economical cloud platforms and eradicate the need for infrastructure management.
The Network security segment is anticipated to expand at a faster rate during the forecast period. Network security refers to a technique of safeguarding the network from the threat evolved on the serverless architecture. These threats have negatively impacted the serverless computing platform by dodging network defense and targeting a suspect in the system. Moreover, with the surge in cloud adoption, the incidences of misconfiguration have increased. Serverless security assists in administering serverless applications to prevent any unsanctioned access and misuse of networking resources.
The BFSI segment is projected to expand at a faster rate during the forecast period. Bank and financial institutions have shifted their data with the increasing adoption of cloud computing and serverless platform. In addition, finance and insurance companies need to meet the highest security specification set by financial managerial authorities. For instance, AWS offers serverless security to many banks like National Australia Bank and DBS. AWS helps them to decrease costs, innovate ideas, and offer superior customer service while fulfilling stringent compliance, security, and regulatory requirements.
Based on the region, the North American region dominated the serverless security market during the forecast period. The primary reasons for the growth are the early adoption of technologies and the globalization of the cloud in this region. In addition, the strong financial position of the US and Canada enable them to invest in emerging technologies and the implementation of serverless architecture. Some of the critical serverless security providers in the region include Microsoft, AWS, Google, and others.
Segmentation by Service Model
Segmentation by Security Type
Segmentation by Verticals
• Energy and Utility
Segmentation by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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